Category: Money market

Capital Formation: Coronation Registrars Charts Path To Sustainable Wealth

Admin

  With most Nigerians finding it difficult to save for the future due to several factors, the management of Coronation Registrars has identified the role investment in securities could play in capital formation. In a webinar themed, “The Role of Capital Formation and Dividend in Building Sustainable Wealth,” organised by the firm, the President and Chairman of Council, Institute of Capital Market Registrars, Oluseyi Owoturo, gave a direction on building sustainable wealth. Speaking on the importance of reinvesting dividends, he said dividends could be a good source of capital formation…

Read More

Q1’24: Fidelity Bank Records 120.1% Growth In PBT To N39.5bn

admin

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1 per cent growth in Profit Before Tax from N17.9 billion at the end of Q1’23 to N39.5 billion for Q1’24. This was made known in the bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, April 30, 2024. According to the statement, Gross Earnings increased by 89.9 per cent yoy to N192.1 billion from N101.1 billion in Q1’23. The increase was led by a combination…

Read More

Q1’24: Zenith Bank Posts 189% Growth In Earnings

JUSTINA EMMANUEL OKPARA

Zenith Bank Plc has posted an impressive triple-digit growth of 189 per cent in Gross Earnings, from N270 billion reported in Q1’23 to N781 billion in Q1’24, its unaudited results for the first quarter ended March 31, 2024 have shown. This is despite the challenging operating environment and tightening monetary policy stance. From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, May 3, 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to N320 billion in…

Read More

Poverty: World Bank Places Nigeria At Par With War-Torn DRC

Admin

…says inflation’ll remain high at 24.8% Despite the abundant human and natural resources in the country, the World Bank has placed Nigeria in the same position with war-torn Democratic Republic of Congo in its latest poverty index, according to a report released yesterday. The global lender, which reaffirmed that Nigeria’s economic growth would remain at 3.3 per cent in 2024, however, said the country’s inflation rate would remain high at 24.8 per cent year-on-year, YoY, in 2024. DRC, as at 2021 had a population of 95.894 million with an estimated…

Read More

FirstBank Inaugurates ‘Digital Xperience Centre” At Banana Island

Gideon Myek

FirstBank of Nigeria on Wednesday inaugurated its “Digital Xperience Centre” at the Banana Island Front Gate, Ikoyi, Lagos. In his speech at the event, the Managing Director and Chief Executive Officer, FirstBank of Nigeria and subsidiaries, Dr. Adesola Adeduntan, who inaugurated the Centre, said it was the fourth such state-of-the-art facility in the country and the second in the state to be inaugurated by the bank. He said that the establishment of digital experience centres aligned with the bank’s commitment to delivering exceptional customer experiences and staying at the forefront…

Read More

CBN Liquidates validated $7bn Forex Backlog

Admin

The Central Bank of Nigeria has cleared all inherited valid foreign exchange backlogs of $7 billion claims, putting paid to backlog obligation inherited by the current Gpvernor, Mr Olayemi Cardoso. Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, confirmed clearance of the last leg of the obligation in a statement on Wednesday in Abuja. She noted that the CBN recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. She also disclosed that independent auditors from Deloitte Consulting…

Read More

GTCO Announces 2024 Food And Drink Festival

JUSTINA EMMANUEL OKPARA

  Guaranty Trust Holding Company Plc has announced the dates for the 2024 GTCO Food and Drink Festival. So also did the company announce the venue of the event in a statement it issued on Wednesday in Lagos State. The announcement marked the beginning of the process to the seventh edition of the most anticipated culinary festival in Africa. The event has been slated for April 26 to 28, 2024 at GTCentre, Plot 1, Water Corporation Drive, Oniru, Victoria Island, Lagos State. The GTCO Food and Drink Festival is widely…

Read More

Access Holdings Announces Bolaji Agbede As Acting Group CEO

Admin

The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024. The appointment is subject to the approval of the Central Bank of Nigeria. Until her recent appointment, Ms. Agbede was the company’s most senior founding Executive Director in charge of Business Support. She has nearly three decades of professional experience cutting across banking and…

Read More

Nigerian Insurers Miss IFRS 17 Implementation Deadline

Admin

Nigerian Insurers Miss IFRS 17 Implementation Deadline   Several insurance companies operating in Nigeria have missed the deadline set by the National Insurance Commission (NAICOM) for the full implementation of the new IFRS 17 accounting standard. Insurers were required to adopt the new accounting framework by 31 December 2023. According to industry professionals, the non-compliant companies could ask for an extension of the deadlines. No official statement has been made by NAICOM, which according to market expectations could either grant an extension of the deadlines or impose sanctions. Atlas Magazine…

Read More

IFRS 17: Insurers Consolidate On Battling Visible Challenges

JUSTINA EMMANUEL OKPARA

Steps towards effective accounting standard as provided through Internation Financial Reporting Standards (IFRS 17) received a boost last week as experts in the insurance sector gathered to tackle visible challenges therein. The roundtable organised by Mettlehouse Consulting was themed: “Resolving Insurance Service Expenses Allocation Challenges in Financial Reporting under IFRS 17.” Leading the discussions in his keynote address, the Commissioner for Insurance, Mr. Sunday Thomas, considered it a privilege to have been invited to the programme that is aimed at, among others, recommending best practices for harmonisation, comparability and consistency…

Read More